India has rescheduled its second renewable energy global investors’ summit yet again, this time preponing it.
The Ministry of New & Renewable Energy recently issued a fresh notification stating that the global investors’ summit will now be held on 15-17 February 2017 and has been shifted to Gandhi Nagar in the state of Gujarat. The summit was earlier scheduled for 14-16 March 2017 at New Delhi.
The summit is an invitation to projects developers, invests, manufacturers and other stakeholders by the Indian government. The first such summit was held in February 2015 months after the Narendra Modi-led government announced 100 GW solar power and 175 GW overall renewable energy capacity target by 2022.
Some of the largest renewable energy developers from around the world made commitments to set up renewable energy capacity in India. SunEdison, SkyPower Global, Sindicatum Carbon, Trina Solar, First Solar, Yingli Solar and SolarReserve were among the international companies that made commitments to set up large-scale solar and wind energy projects in India.
Some of the leading Indian power companies that pledged to install renewable energy capacity included ReNew Power, Welspun Renewables, Greenko Energy Holdings, Azure Power, Adani Power, and Reliance Power. Apart from several well-known project developers, a number of smaller companies that are not directly working in the renewable energy sector also pledged to add significant capacity.
Private sector companies, Indian and international, pledged to add more than 251 GW of renewable energy, mostly based on solar and wind energy technology. Public sector and government-owned entities committed to add more than 19 GW capacity.
Solar panel and wind turbine manufacturers pledged to produce a total of 62.1 GW capacity, mostly in the wind energy sector. A total of 29 banks and financial institutions also committed to provide debt finance to more than 70 GW renewable energy capacity. A third of this capacity will be finance by the largest public sector and private sector bank in India – State Bank of India and ICICI Bank.